because more shares outstanding. this is what i hate about companies when they start diluting shareholders equity by giving out shares like candy. maybe I'm wrong about this but sullivan seems to be giving more free shares out to his boys instead of focusing on increasing equity for the shareholders. Once you get in that habit the companies share price stops growing unless you have some mighty high growth but there are very few apple companies out there.
For the fourth quarter of fiscal 2012, net sales increased 6 percent to $10,525,000 from $9,965,000 in the same quarter last year. GAAP net income for the quarter increased 1 percent to $2,200,000 compared to $2,176,000. GAAP earnings per share fell slightly to $.62 from $.64 per diluted share one year ago due to an increase in the number of shares outstanding. Fourth quarter net income was negatively impacted by a one-time, non-cash expense of $350,000 for impairment of intangibles associated with a previous acquisition.